MALAYSIA – Bursa Malaysia Securities had queried Sapura Resources Bhd and Ge-Shen Corporation Bhd after both firms saw unusual market activity on Monday.
The Malaysian bourse asked the two companies if there were any corporate developments related to their businesses that have not been disclosed previously which could explain the unusual trading activity.
On Monday’s trading, stock of Sapura Resources (4596) was up 3.70 percent to close at 1.68 a share while Ge-Shen Corporation (7179)’s stock closed at 2.00 a share, up 5.82 percent from its previous close.
In response to the query by Bursa Malaysia Securities, Ge-Shen Corporation said the directors of the company are not aware of any corporate development related to the group’s business or any report that may account for the trading activity.
For its part, Sapura Resources also said that its directors do not know of any corporate development relating to the group’s business and affairs.
However, in a disclosure to Bursa Malaysia, Sapura Resources said it is in the midst of discussion relating to a possible divestment of its education businesses of which the terms have not been finalised at this juncture.
“The Company will make the necessary announcement in compliance with its obligations under the Main Market Listing Requirements of Bursa Securities if and when discussions have been finalised and the Company executes any definitive agreements,” it said.
Sapura Resources is involved in the education and property sectors while Ge-Shen is a plastic mould products manufacturer. – BusinessNewsAsia.com